China's July new yuan loans total ¥699.9bn

China's new yuan-denominated loans in July stood at 699.9 billion yuan (113.49 billion U.S. dollars), 159.8 billion yuan more than a year ago, according to data released by the central bank on Friday. The People's Bank of China (PBOC) said new yuan loans for the past seven months hit 5.78 trillion yuan, with a year-on-year increase of 383.9 billion yuan. M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 14.5 percent year on year to 105.24 trillion yuan at the end of July. The growth rate was up 0.5 percentage points from June, the PBOC said. The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, expanded 9.7 percent at the end of last month, up 0.7 percentage points from a month earlier. The data also revealed that deposits in July shrank by 257.3 billion yuan, down 243.3 billion from a year earlier, while deposits in the January-July period increased by 8.83 trillion yuan.